Agnico Eagle Mines Ltd (AEM) 2025 Q3 法說會逐字稿

Good morning. My name is Dani and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Mines Limited Q3 2025 conference call. (Operator Instructions)

早安.我叫丹妮，今天將由我擔任你們的會議接線生。在此，我謹代表 Agnico Eagle Mines Limited 2025 年第三季電話會議，歡迎各位參加。（操作說明）

Mr. Ammar Al-Joundi, you may begin your conference.

阿馬爾·阿爾-瓊迪先生，您可以開始您的會議了。

Thank you, operator. Good morning, everyone, and thank you for joining our Agnico Eagle third-quarter conference call. I'd like to remind everyone that we'll be making a number of forward-looking statements, so please keep that in mind and refer to the disclaimers at the beginning of this presentation. Once again, we are pleased to be sharing a good news story with you. In a nutshell, with record gold prices with strong and importantly, safe production, along with continued solid cost control, we are once again delighted to be reporting record financial results.

謝謝接線生。各位早安，感謝各位參加Agnico Eagle第三季電話會議。我想提醒大家，我們將做出一些前瞻性陳述，所以請記住這一點，並參閱本次簡報開頭的免責聲明。我們很高興再次與大家分享一個好消息。簡而言之，在黃金價格創歷史新高、生產強勁且安全，以及持續穩健的成本控制下，我們再次欣喜地宣布創紀錄的財務表現。

Across all metrics, our business is running well. And beyond the record financial results, we continue to invest in the best pipeline we've ever had and we continue to invest in the most ambitious exploration program we've ever had, which continues to deliver exceptional results. With almost 70 years of history behind us, we have never been stronger than we are now, and we have never had a better future than we have today.

從各項指標來看，我們的業務運作狀況良好。除了創紀錄的財務表現外，我們還繼續投資於我們有史以來最好的管道，並繼續投資於我們有史以來最雄心勃勃的勘探計劃，該計劃持續帶來卓越的成果。歷經近70年的歷史，我們從未像現在這樣強大，也從未擁有比今天更好的未來。

Before I turn this call over to my colleagues who will go through our business in more detail, I'd like to spend a few minutes to summarize the key takeaways. One, we're reporting record financial results, driven by, of course, record gold prices, but coupled with strong and consistent operational performance. We delivered another exceptional quarter of strong production at 867,000 ounces, putting us year to date at 77% of our full-year guidance range. We sold that gold at an average price of $3,476 per ounce, another record and a full $20 per ounce higher than the spot average in the quarter, well done to the treasury team.

在將這通通話交給我的同事們，讓他們更詳細地介紹我們的業務之前，我想花幾分鐘時間總結一下要點。首先，我們公佈了創紀錄的財務業績，當然得益於創紀錄的金價，但也得益於強勁且持續的營運表現。我們又實現了強勁的季度產量，達到 867,000 盎司，使今年迄今的產量達到全年指導範圍的 77%。我們以每盎司 3,476 美元的平均價格售出了這些黃金，又創下了紀錄，比本季度現貨平均價格高出整整 20 美元/盎司，財務團隊幹得好。

At the same time, we continue to work hard to control costs, which means we'll continue to deliver benefits of these record gold prices to our owners through record margins. While our reported Q3 cash costs of $994 an ounce are higher than the previous quarter, the majority of this cost increase is due to higher royalty costs, which are a direct result of the higher gold prices. If we back out the impact of these higher royalties, which, again, are the direct result of higher gold prices, our Q3 cash costs would have been $933 an ounce, well below the midpoint of our cost guidance range. Year-to-date, our average cash costs were $943 an ounce.

同時，我們將繼續努力控製成本，這意味著我們將繼續透過創紀錄的利潤率，為我們的股東帶來創紀錄的金價帶來的好處。雖然我們報告的第三季度現金成本為每盎司 994 美元，高於上一季度，但這一成本增長的大部分是由於更高的特許權使用費，而特許權使用費是金價上漲的直接結果。如果我們剔除這些較高的特許權使用費的影響（這同樣是金價上漲的直接結果），我們第三季的現金成本將為每盎司 933 美元，遠低於我們成本指引範圍的中點。今年迄今為止，我們的平均現金成本為每盎司 943 美元。

Again, if we back out the impact of higher royalties, our year-to-date average cash costs would be $909 an ounce well below the bottom end of our cash cost guidance range for the year. All of this, the record gold prices, the solid production, the continued good cost control has led to another quarter of record financial results for our owners, record EBITDA, record adjusted net income, and record returns to our shareholders. Two, we continue to strengthen the company, to strengthen the balance sheet, and to return record amounts of cash to our owners. We repaid $400 million of debt this quarter. We returned $350 million directly to shareholders through dividends and share repurchases, and we increased our net cash position to $2.2 billion, while at the same time, receiving an upgrade in our credit rating.

再說，如果我們剔除更高特許權使用費的影響，我們今年迄今為止的平均現金成本將為每盎司 909 美元，遠低於我們今年現金成本指導範圍的下限。所有這些因素，包括創紀錄的金價、穩健的產量以及持續良好的成本控制，都為我們的所有者帶來了又一個創紀錄的財務業績，創紀錄的 EBITDA、創紀錄的調整後淨收入以及創紀錄的股東回報。第二，我們將持續強化公司實力，增強資產負債表，並向股東返還創紀錄的現金金額。本季我們償還了4億美元的債務。我們透過股利和股票回購直接向股東返還了 3.5 億美元，並將淨現金部位增加到 22 億美元，同時，我們的信用評級也得到了提升。

Three, we continue to invest heavily in building the foundations of our future growth, advancing construction, development, and studies of our five key pipeline projects and investing heavily in an exceptional exploration program. At Malartic, we are ahead of schedule on the underground development, ahead of schedule on the shaft, and progressing studies for Marban, Wasamac and a potential second shaft. At Detour, the ramp order is portal is built. We have begun building the ramp to access the underground, and we continue to optimize the mill. At Upper Beaver, I was there just on Monday, we are on budget and we are ahead of schedule. The team is doing an exceptional job.

第三，我們繼續大力投資，為未來的成長奠定基礎，推動五個關鍵管道項目的建設、開發和研究，並大力投資於卓越的勘探計劃。在 Malartic，我們的地下開發進度提前，豎井進度也提前， Marban、Wasamac 和潛在的第二個豎井的研究也在推進中。在 Detour，坡道順序是門戶建成。我們已經開始建造通往地下的坡道，我們將繼續優化磨機。我星期一剛去過上比弗，我們預算控制得很好，進度也超前了。團隊表現非常出色。

At Hope Bay, we continue to get great drill results, and we are accelerating on-site activity. We've upgraded the port, we're upgrading the camp, we've emptied the mill building, we're progressing the Madrid ramp, and we have completed the box cut for a ramp at Patch 7.

在霍普灣，我們持續取得良好的鑽探成果，並且正在加快現場作業。我們已經升級了港口，我們正在升級營地，我們已經清空了磨坊建築，我們正在推進馬德里坡道的建設，並且我們已經完成了第 7 補丁中坡道的箱形切割。

At San Nicolas, we continue to progress engineering on this high-grade, high-quality copper project in the best mining jurisdiction in Mexico. These projects cumulatively represent about 1.3 million to 1.5 million ounces of potential production. All from assets we already own in regions we've been operating for decades and in most cases, leveraging off existing infrastructure in place. At the same time, we are investing more than we ever have by a wide margin in our exploration program, and as Guy will illustrate at the end of this call, we continue to get truly exceptional results that will position Agnico Eagle well for decades to come.

在聖尼古拉斯，我們繼續推進這個位於墨西哥最佳礦業管轄區的優質銅礦計畫的工程建設。這些項目累計代表約 130 萬至 150 萬盎司的潛在產量。所有這些都來自我們在營運數十年的地區已經擁有的資產，並且在大多數情況下，都利用了現有的基礎設施。同時，我們在勘探項目上的投入比以往任何時候都多得多，正如蓋伊將在本次電話會議結束時闡述的那樣，我們不斷取得真正卓越的成果，這將使 Agnico Eagle 在未來幾十年裡佔據有利地位。

These three key messages are consistent with our story last quarter and are consistent with our focus over the past couple of years. But on this call, I've asked the team to spend some time on a fourth key message. I've asked the team to spend some time to talk about our continued focus on productivity.

這三個關鍵訊息與我們上個季度的敘述一致，也與我們過去幾年的關注重點一致。但在這次電話會議上，我要求團隊花點時間討論第四個關鍵訊息。我已經要求團隊花些時間討論我們持續關註生產力提升的問題。

Dom and Natasha will go through a few examples to convey the message that even with gold at $4,000 an ounce, even with record financial results, our teams continue to be absolutely laser-focused on improving productivity at every opportunity at every mine. We are proud of our teams and how hard they continue to work to deliver not only great and consistent results, which, by the way, make my job a lot easier but to also focus every day on pushing themselves to operate even better and even safer.

Dom 和 Natasha 將舉幾個例子來說明，即使金價達到每盎司 4000 美元，即使財務業績創下紀錄，我們的團隊仍然會全力以赴，抓住每一個機會，在每個礦山提高生產力。我們為我們的團隊感到自豪，他們不斷努力工作，不僅取得了出色且穩定的成果（順便說一句，這讓我的工作輕鬆了很多），而且還每天專注於鞭策自己做得更好、更安全。

With that introduction, I will now turn over the presentation to our CFO, Jamie Porter, to review our third-quarter financial results.

介紹完畢，現在我將把演示交給我們的財務長傑米·波特，由他來回顧我們第三季的財務表現。

Thank you, Ammar, and good morning, everyone. Our operating teams delivered another excellent quarter with strong cost control, particularly on a per ton basis. By delivering on our production targets and managing costs, our investors continue to benefit from margin expansion in a record gold price environment, a dramatically strengthened balance sheet and increased direct shareholder return. We are in the strongest financial position in the company's history.

謝謝你，阿瑪爾，大家早安。我們的營運團隊又取得了優異的季度成績，成本控制得非常出色，尤其是在每噸成本方面。透過實現生產目標和控製成本，我們的投資者在金價創歷史新高、資產負債表大幅增強和股東直接回報增加的環境下，繼續受益於利潤率的擴大。我們目前處於公司史上最強勁的財務狀況。

The strong operational performance and cost control paired with higher gold prices to drive record financial results, including record revenue of $3.1 billion, record adjusted earnings of $1.1 billion or $2.16 per share, and record adjusted EBITDA of $2.1 billion. These are excellent financial results, delivering the leverage to higher gold prices as you would expect. At current spot gold prices, key financial return metrics such as return on equity could be as high as 20% for the full 2025 year.

強勁的營運表現和成本控制，加上金價上漲，推動公司取得創紀錄的財務業績，包括創紀錄的 31 億美元收入、創紀錄的 11 億美元（或每股 2.16 美元）調整後收益，以及創紀錄的 21 億美元調整後 EBITDA。這些都是非常出色的財務業績，正如你所預期的那樣，它們能夠帶來更高的黃金價格。以目前的黃金現貨價格計算，2025 年全年的關鍵財務回報指標（如股本回報率）可能高達 20%。

Gold production in the third quarter was approximately 867,000 ounces of total cash costs of $994 per ounce and all-in sustaining costs of $13.73 per ounce. We have achieved 77% of our full-year production guidance to the end of September. Though we have budgeted lower gold production in the fourth quarter, we are confident in achieving the midpoint of our full-year production guidance range of 3.4 million ounces. We are benefiting from record gold prices. However, the higher gold prices do result in increased royalty expense.

第三季黃金產量約為 867,000 盎司，總現金成本為每盎司 994 美元，全部維持成本為每盎司 13.73 美元。截至9月底，我們已完成全年生產目標的77%。儘管我們已將第四季度的黃金產量預算降低，但我們有信心實現全年產量指引範圍的中點，即 340 萬盎司。我們正受惠於創紀錄的金價。然而，金價上漲確實會導致特許權使用費增加。

In the third quarter, cash costs were approximately $60 per ounce higher than what we had budgeted largely as a result of the increased royalty expense. Despite this, I'm pleased to report that our cash costs remained within our guidance range on a year-to-date basis, and we still expect to be at or near the top end of our cash cost guidance range of $955 per ounce for the full year. Our teams have done an excellent job managing costs, the costs that are within our control and continue to work on ongoing optimization initiatives that Dom and Natasha will talk about later in this presentation.

第三季度，現金成本比我們預算的每盎司高出約 60 美元，這主要是由於特許權使用費增加所致。儘管如此，我很高興地報告，今年迄今為止，我們的現金成本仍保持在指導範圍內，我們仍然預計全年現金成本將達到或接近每盎司 955 美元的指導範圍的上限。我們的團隊在成本控制方面做得非常出色，尤其是在我們可控的成本控制方面，並且我們將繼續推進持續的優化計劃，Dom 和 Natasha 將在本次演講的稍後部分對此進行討論。

All-in sustaining cost per ounce were higher than the prior quarter, primarily due to the increase in cash costs and the timing of sustaining capital spending. We also expect to be close to the top end of our all-in sustaining cost guidance range of $1,300 per ounce on a full-year basis. Our all-in sustaining costs continue to be hundreds of dollars per ounce below those of our peers. Again, this is the result of continued efforts by our teams to control costs and to continuously improve while maximizing the cost synergies and benefits resulting from our regional strategy.

每盎司的綜合維持成本高於上一季，主要原因是現金成本增加以及維持性資本支出的時間安排。我們也預計全年綜合維持成本指引範圍將接近每盎司 1300 美元的上限。我們的綜合維持成本仍然比同業低每盎司數百美元。這再次證明了我們團隊持續努力控製成本、不斷改進，同時最大限度地發揮區域策略帶來的成本協同效應和效益。

We move on to the next slide. We had another strong quarter of free cash flow generation that directly and indirectly benefited our shareholders through direct shareholder returns in the dividend and share buyback and indirectly through the strengthening of our balance sheet.

我們進入下一張投影片。我們又迎來了一個強勁的自由現金流季度，這直接和間接地使我們的股東受益，一方面透過股息和股票回購向股東直接支付回報，另一方面透過增強我們的資產負債表間接受益。

We generated $1.2 billion of free cash flow this quarter and added another $400 million through the sale of equity investments. which allowed us to continue to strengthen our balance sheet. Our net cash balance more than doubled in the third quarter, increasing to $2.2 billion. Given our strong financial position, we decided to redeem an additional $350 million of long-term debt in addition to the $50 million of debt that matured during the quarter. Over the past 18 months, we have significantly delevered the balance sheet, reducing our gross debt in that period by over $1.6 billion.

本季我們產生了12億美元的自由現金流，並透過出售股權投資又增加了4億美元，這使我們能夠繼續加強資產負債表。第三季度，我們的淨現金餘額增加了一倍多，達到 22 億美元。鑑於我們強勁的財務狀況，我們決定在償還本季到期的 5,000 萬美元債務之外，再償還 3.5 億美元的長期債務。在過去的 18 個月裡，我們大幅降低了資產負債比率，在此期間，我們的總債務減少了 16 億美元以上。

Reflecting this strength in credit profile and financial position, I'm also pleased to report that during the quarter, Moody's upgraded us from Baa1 to A3 with stable outlook. We are, again, in the strongest financial position in the company's history, giving us the flexibility to take a balanced, disciplined approach to capital allocation.

鑑於我們強大的信用狀況和財務實力，我很高興地宣布，在本季度，穆迪將我們的信用評級從 Baa1 上調至 A3，展望穩定。我們再次處於公司歷史上最強勁的財務狀況，這使我們能夠靈活地採取平衡、嚴謹的資本配置方式。

We move to the next slide. We continue to deliver record shareholder returns this quarter, totaling approximately $350 million in dividends and share buybacks and totaling $900 million on a year-to-date basis. This brings the cumulative shareholder returns in Agnico's history to over $5 billion, the majority of which has been returned in the last several years. Our capital allocation strategy remains unchanged, and we are well positioned in this gold price environment. We expect to continue to increase shareholder return through increased share buyback activity and potentially through higher dividends.

我們進入下一張投影片。本季我們持續為股東帶來創紀錄的回報，股利和股票回購總額約 3.5 億美元，年初至今總額已達 9 億美元。這使得Agnico公司歷史上累計股東回報超過50億美元，其中大部分是在最近幾年實現的。我們的資本配置策略保持不變，在目前的金價環境下，我們處於有利地位。我們期望透過增加股票回購活動以及可能提高股息，繼續提高股東回報。

We also expect to continue strengthening our financial position and flexibility by increasing our net cash position. Given our profitability, we are expecting a significantly higher cash tax payment relating to the 2025 fiscal year in the first quarter of 2026. This is estimated at approximately $1.2 billion. We are allocating cash to fund that obligation.

我們也希望透過增加淨現金頭寸，繼續增強我們的財務狀況和靈活性。鑑於我們的獲利能力，我們預計在 2026 年第一季將收到與 2025 財年相關的現金稅款大幅增加。據估計，這筆金額約為12億美元。我們正在撥付現金來履行這項義務。

Lastly and importantly, we will continue to reinvest in our business in order to bring our high-return organic growth projects online. We have our five key value driver projects Detour underground, filling the mill at Canadian Malartic, Upper Beaver, Hope Bay, and San Nicolas, all of which generate solid returns at gold prices significantly below the current spot price. At current spot prices, these projects have the potential to generate phenomenal returns. Detour, for example, once ramped up to 1 million ounces of annual production, has the potential to generate over $2 billion of annual after-tax free cash flow at that mine alone at these gold prices.

最後也是非常重要的一點，我們將繼續對我們的業務進行再投資，以便將我們高回報的有機成長項目上線。我們有五個關鍵價值驅動項目，分別是地下繞道項目、加拿大馬拉蒂克選礦廠的建設、上比弗項目、希望灣項目和聖尼古拉斯項目，所有這些項目在金價遠低於當前現貨價格的情況下都能產生穩定的回報。以目前的現貨價格計算，這些項目有可能產生驚人的回報。例如，Detour金礦一旦年產量提升至100萬盎司，光是該礦在目前的金價下，就有可能產生超過20億美元的年度稅後自由現金流。

We will continue looking for opportunities to accelerate reinvestment in the business to drive long-term shareholder value. At current gold prices, we're generating a lot of cash, but we will remain disciplined and continue to take a measured approach to capital allocation with a focus on increasing returns to our shareholders over the long term.

我們將繼續尋找機會，加速對業務的再投資，以提升股東的長期價值。以目前的金價來看，我們獲得了大量現金，但我們將保持自律，繼續採取穩健的資本配置方式，專注於長期提高股東回報。

With that, I'll turn the call over to Dom who will provide an overview of our Quebec, in Nunavut, and Finland operations.

接下來，我將把電話交給 Dom，他將概述我們在魁北克、努納武特和芬蘭的業務運作。

Thank you, Jamie, and good morning, everyone. Our Q3 results for Quebec, Nunavut, and Finland continue to show strong and consistent operational performance, just as we saw in Q1 and Q2. We are on track to meet year-end guidance, and we're positioning ourselves on good foundation for 2026. The production costs remain well controlled, and as shown in the bottom right table here, we are seeing record profit margin, thanks to the gold price. I'm very happy of our team's leadership and mindset.

謝謝你，傑米，大家早安。我們在魁北克、努納武特和芬蘭的第三季業績繼續顯示出強勁且穩定的營運表現，正如我們在第一季和第二季所看到的那樣。我們預計將實現年底的業績目標，並為2026年奠定良好的基礎。生產成本控制得當，正如右下角的表格所示，由於金價上漲，我們的利潤率創下歷史新高。我對我們團隊的領導和思考方式非常滿意。

Even with higher gold price, the focus remains on debottlenecking the operation and improved productivity. As for example, this quarter, we have three mills that beat record quarterly records at Middle Bank, Meliadine, and Goldex.

即使金價上漲，重點仍是消除營運瓶頸和提高生產效率。例如，本季度，我們有三家工廠打破了季度記錄，分別是 Middle Bank、Meliadine 和 Goldex。

For the next two slides, I'm more ask Natasha and myself to explain more and give examples about what we're doing at the site and regional level to control our cost to manage our business. You will hear not about cutting, cutting, and cutting. What you're going to hear is going to be more about productivity improvement, integrating technology, leveraging skill sets, and leveraging our people.

接下來的兩張投影片，我更想請娜塔莎和我詳細解釋一下，並舉例說明我們在現場和區域層面上正在採取哪些措施來控制業務管理成本。你不會聽到關於切割、切割、再切割的消息。你們接下來將聽到更多關於提高生產力、整合技術、利用技能和發揮員工角色的內容。

The first example is going to be Aklak, led by the team that you could see here on that picture, celebrating the 3 million ounces [ore] And the second one is going to be about new technology implementation in underground.

第一個例子是 Aklak，由圖中所示的團隊領導，慶祝礦石產量達到 300 萬盎司。第二個例子是關於地下新技術的應用。

Next slide, please. So at Tutela, following the new shaft commissioning and ramp-up, the team were struggling to meet their operational targets at underground. And from there, I need to recognize the leadership of Yanny, Mikko, and [Kiersti] for taking action, leveraging learning from similar initiatives done at Meliadine in 2023 to drive meaningful change. So in June 2024, they've launched an underground productivity improvement program and as at Meliadine, their approach was built on ownership focused on what matters and on problem solving. They work in collaboration with the employees.

請看下一張投影片。因此，在圖特拉，隨著新豎井的調試和產能提升，團隊在地下作業方面難以達到其營運目標。在此，我需要表揚 Yanny、Mikko 和 [Kiersti] 的領導才能，他們採取了行動，借鑒了 Meliadine 在 2023 年開展的類似舉措的經驗，推動了有意義的變革。因此，在 2024 年 6 月，他們啟動了一項地下生產力提升計劃，與 Meliadine 一樣，他們的方法建立在以主人翁精神為中心，專注於重要的事情和解決問題的基礎上。他們與員工合作。

They did benchmark to define what perfect shift could look like and to be more productive. At the end, what they did, they've worked with the guys driving equipment, as you could see there, a scoop to find how they could help them to be more productive.

他們進行了基準測試，以定義完美的輪班模式並提高生產效率。最後，他們所做的，正如你所看到的，他們與駕駛設備的工人一起工作，挖掘如何幫助他們提高生產效率。

And some examples, like just being at the equipment faster than it was before is it's an easy one, but it's things that you -- that we kind of implemented to be more efficient. I will just show you some results of that, if I take the two graphs on the bars on the left, the bottom one, you could see the ton mined per day improved by 13% year over year to the first nine months of 2024 compared to the first nine months of 2025, 13% more tonnes moved or mines from underground. This is with the same equipment, same fleet, same people, more efficient. That allowed them also to do more by themselves and less relying on contractor which helped to reduce the cost. And on the cost side, if you take the top 1 on the left, you could see that euro per ton mine site cost decreased by 4%, and this is despite inflation and higher royalty. So a very good job to the Tutela team. Thanks for that.

舉幾個例子，例如比以前更快地操作設備，這很容易做到，但我們為了提高效率而採取了一些措施。我來給你們展示一些成果。如果我看一下左邊柱狀圖上的兩個圖表，下面的那張圖表，你們可以看到，與 2025 年前九個月相比，2024 年前九個月的日均採礦量同比增長了 13%，地下礦山的運輸量增加了 13%。在同樣的設備、同樣的車隊、同樣的人員配置下，效率更高了。這也讓他們能夠更自主完成工作，減少對承包商的依賴，有助於降低成本。從成本方面來看，如果你看左邊第一個圖表，你會發現每噸礦場成本下降了 4%，而這還是在通貨膨脹和特許權使用費上漲的情況下。所以，Tutela團隊做得非常出色。謝謝。

Next slide. The second example is about implementing new technology of remote operations. The gains we are doing with those remote operations are not just helping us to control our costs and manage their business. It is more than just the current operation performance. It is also unlocking future growth project, enabling future growth projects.

下一張投影片。第二個例子是關於實作遠端操作新技術。我們透過遠端營運所取得的成果，不僅有助於我們控製成本和管理業務。這不僅僅關乎當前的營運績效。它還將為未來的成長項目鋪平道路，並為未來的成長項目創造條件。

All of our projects if we could improve what we use into our studies in terms of tonnes move, tonnes mined as well as we're going to see at Odyssey, if we could improve the ramp development speed, this is significant improvement. . So I will start with the example of LZ5 in 2016 where they've implemented the first LTE system in the world, underground -- since that time, they really, really did very good progress. You could see with the yellow here through the time, we are now approximately over 20% of the tons are done through remote operation. And how this is -- the gain -- where is the gain is there were some areas some time that we were not operating the equipment because we need to do to be out of the mine for [penetration purpose] for example.

如果我們能夠改進我們在研究中使用的數據，例如噸位移動量、噸位開採量，以及我們在奧德賽礦區將看到的，如果我們能夠提高斜坡開發速度，這將是一項重大改進。。所以我先以 2016 年的 LZ5 為例，他們當時在地下實施了世界上第一個 LTE 系統——從那時起，他們真的取得了非常好的進展。從圖中黃色部分可以看出，目前大約有超過 20% 的噸位是透過遠端操作完成的。而收益在哪裡——收益在哪裡——在某些地區，我們有時沒有操作設備，因為我們需要離開礦井進行[穿透目的]，例如。

So the same skill set and the same thinking has been applied to a DC ramp. And you could see the jump done in the year in 2023 when we started to do remote mucking and remote drilling at Odyssey. So we've increased the productivity by 20%.

因此，同樣的技能和同樣的思考方式也被應用到了直流斜坡上。2023 年，我們開始在 Odyssey 進行遠端卸料和遠端鑽探，這一年就取得了飛躍式發展。因此，我們的生產效率提高了 20%。

Again, same people same team just using the technology. This is a significant improvement. How it works? So you could see the people here sitting on the front of screen in a seat, which is the same that than the one in the scoop. So they are able to operate three to four equipment each, and we're collaborating very closely with Sandvik, LZ5 with Epiroc at Odyssey to push those technologies to do more and more. So this is helping us to control our costs. This is also enabling future projects. It is also an aspect on the workforce.

還是同一批人，同一個團隊，只是使用了新技術。這是一個重大的進步。它是如何運作的？所以你可以看到這裡的人坐在螢幕前面的座位上，這和獨家報道中的座位是一樣的。因此，他們每人能夠操作三到四台設備，我們正在與 Sandvik、LZ5 和 Epiroc 在 Odyssey 密切合作，推動這些技術發揮更大的作用。所以這有助於我們控製成本。這也為未來的項目奠定了基礎。這也是勞動力方面的一個問題。

Natasha is going to talk about opportunities and action on the workforce. But those type of things are in the balance to help the workforce. So we are in Quebec approximately 5% of turnover, which is fantastic and those type of initiatives are helping us to have better conditions for the workers for giving them great challenges to our professional. This is helping for the retention. This is helping for the recruitment, and this is helping for the stability of our operation.

娜塔莎將要談談勞動市場的機會和行動。但這些事情都在權衡之中，以幫助勞動市場。因此，我們在魁北克的營業額約為 5%，這非常棒，這類措施有助於我們為員工創造更好的條件，並為他們提供巨大的專業挑戰。這有助於提高留存率。這有助於招聘，也有助於我們營運的穩定性。

Next step, stay tuned. We're moving into the fleet management system. So the blue that you see on the graph there, this is still conventional hauling. Now to be better in that area, we're implementing fleet management system underground. We're going to be in the first of the world to implement such a software advanced like we're thinking about.

下一步，敬請期待。我們正在過渡到車隊管理系統。所以你在圖表上看到的藍色部分，仍然是傳統的運輸方式。為了更好地解決這個問題，我們正在地下實施車隊管理系統。我們將成為世界上第一個實施我們所設想的這種先進軟體的公司。

In the coming years, you're going to hear about that.

未來幾年，你會聽到很多關於這件事的消息。

Next slide, moving to the project pipeline. As Ammar mentioned, both projects are on track and evolving very positively. As Guy will talk later, the drilling results keep adding value to the project. Very, very interesting. Canadian Malartic, in terms of thinking where we start more conditional shaft thinking in Q3 we did a record in terms of speed.

下一張投影片，我們將進入專案流程部分。正如阿瑪爾所說，這兩個項目都進展順利，前景非常樂觀。正如蓋伊稍後將要提到的，鑽探結果不斷為該項目增加價值。非常非常有趣。加拿大馬拉蒂克，就思考而言，我們在第三季度開始更多地考慮有條件的軸心思考，我們在速度方面創造了紀錄。

And we are about 2 months in advance of what we were planning initially when we updated the study in 2023. I would like also to highlight the construction team in Q3 did triple zero for 70,000 hours. What is triple zero is no lost time, no modified work, no medical aid and 70,000 hours, this is equivalent of 1 guy working in the construction for 30 years. Congratulations to the team is fantastic during those type of achievement. So to close on Canadian Malartic, the study is progressing for the vision to 1 million ounces with a second shaft Marban, Wasamac, everything is on track, and the construction team keep delivering what needed.

我們目前的進度比 2023 年更新研究時最初計劃的進度提前了大約 2 個月。我還要特別指出，第三季施工團隊的工時達到了7萬小時，實現了零工時完工。三零是指沒有工時損失、沒有調整工作、沒有醫療救助，以及70,000小時，這相當於一個人在建築業工作30年。祝賀團隊取得這樣的成就，他們太棒了。最後，關於加拿大馬拉蒂克礦，研究正在推進，目標是在馬爾班和瓦薩馬克建造第二個豎井，實現 100 萬盎司的產量，一切都在按計劃進行，施工團隊也在不斷交付所需的一切。

For example, the administration building is going to be delivered in Q1 is going to be a good thing for the team to be in better position.

例如，行政大樓將在第一季交付，這對團隊來說是一件好事，可以讓他們處於更好的位置。

At Hope Bay, potential 400,000 ounces annual production from the good drilling, I see, I think it's going to be slightly more than that. Let's see where the study is going to end. But in the meantime, we are the key thing is to advance engineering. So we are currently around 25% achieved on the engineering, and we are progressing between 3% and 4% per month, which bring us to the 40%, 50% we were looking before greenlighting the project next year, everything is in good position for that. And also, the construction team are preparing the field to be able to do that heavy construction time.

在霍普灣，良好的鑽探有望帶來每年 40 萬盎司的潛在產量，我認為實際產量會略高於此。讓我們看看這項研究最終會得出什麼結論。但同時，我們最關鍵的是推動工程技術的發展。目前我們在工程方面已經完成了大約 25%，並且每月進展 3% 到 4%，這將使我們達到明年批准專案之前所期望的 40% 到 50% 的目標，一切進展順利。此外，施工團隊正在為接下來的重型施工做好準備。

So you could see here on the picture, there's two new wings. Both of them were approximately 133 people per wing. So we're building capacity. We're going to have 6 of them ready to go for construction, operation and keeping exploration.

所以你可以從圖片上看到，這裡有兩個新的翅膀。兩棟大樓每棟大樓大約有 133 人。所以我們正在提升能力。我們將準備好其中 6 個用於建設、運營和持續勘探。

On that, I will pass the microphone to Natasha.

接下來，我將把麥克風交給娜塔莎。

Thanks, Tom, and good morning, everyone. So I'll cover the operational highlights for Ontario, Mexico, and Australia. The regions delivered good safety, operating and cost performance this quarter. And along with the higher gold price, this led to record operating margins at both Macassa and at Detour. Now at Detour, as we continue to stabilize the mill at the higher throughput, the team achieved another quarterly record mill throughput.

謝謝你，湯姆，大家早安。接下來我將介紹安大略省、墨西哥和澳洲的營運亮點。本季各地區在安全、營運和成本方面均取得了良好的績效。加之金價上漲，Macassa 和 Detour 兩家餐廳的營業利潤率均創歷史新高。現在，在 Detour，隨著我們不斷穩定工廠在高產量下的運轉，團隊又實現了季度工廠產量的新紀錄。

The open pit mining rate in the quarter, however, was affected by slower progress around the historical underground working. But grade is still expected to improve in the fourth quarter as we move into the higher grade domain in the pit. Over at Macassa, we had a really good quarter there, too. The team continued to see some overperformance with higher-than-expected grades in localized areas. And then at Fosterville, production this quarter was on target, following a very strong first half of the year.

然而，由於歷史地下作業區周圍進展緩慢，該季度露天採礦速度受到影響。但隨著礦坑進入高品位區域，預計第四季礦石品位仍將增加。在 Macassa 那邊，我們這季也過得非常好。該團隊繼續在一些局部領域取得超出預期的成績。此外，福斯特維爾工廠本季產量也達到了預期目標，此前上半年產量表現非常強勁。

Now in terms of business improvement, similar to what Dom discussed, the teams, they continue to push hard to optimize our business. There is a constant effort to keep all of our operations at a state of optimal performance. It's just part of their DNA. And the optimization of the ore haulage system at Detour is a really good example of that. It's a good example of the many initiatives that are going on.

就業務改進而言，正如 Dom 所討論的那樣，團隊將繼續努力優化我們的業務。我們始終致力於使所有營運環節保持最佳狀態。這是他們基因的一部分。Detour礦的礦石運輸系統最佳化就是一個很好的例子。這是眾多正在進行的舉措中的一個很好的例子。

It's a good example of how the team is looking at ways to sustainably lower cost and improve efficiency. And this particular journey started 10 years ago with incremental slow enhancements made over time and significant progress made, as you can see from the utilization and payload improvements as noted on the graph.

這是團隊如何尋找可持續降低成本和提高效率的方法的一個很好的例子。這段特殊的旅程始於 10 年前，隨著時間的推移，逐步進行了緩慢的改進，並取得了顯著的進展，正如您從圖表中所示的利用率和有效載荷改進所看到的那樣。

And the team, they continue to look for optimizing our unit costs by involving external experts to review their performance and help identify possible efficiency gains similar to what Don was talking about at Catella, not just as it relates to haul optimization, but really the entire mining cycle. Another hot topic, and Dom touched on this, is related to the skilled labor shortage that the entire industry faces. Labor is a large portion of our overall cost, and our focus is to not just maintain our operational needs, but also secure the workforce to grow our business and at the same time, manage the costs. So we're taking a very proactive approach to workforce planning as we grow in Ontario by leveraging our region strategy by leveraging our competitive advantage, specifically when it comes to people.

團隊繼續尋求優化單位成本，他們邀請外部專家審查績效，並幫助確定可能的效率提升，這與唐在 Catella 所說的類似，不僅與運輸優化有關，而且實際上與整個採礦週期有關。另一個熱門話題，也是 Dom 所談到的，是整個產業面臨的技術工人短缺問題。勞動成本在我們總成本中佔很大比例，我們的重點不僅是維持營運需求，還要確保勞動力能夠發展業務，同時控製成本。因此，隨著我們在安大略省的發展，我們採取了非常積極主動的勞動力規劃方法，利用我們的區域策略，發揮我們的競爭優勢，尤其是在人才方面。

So our strategy to address the short and long workforce needs is multi-layered, of course, the first one is to ensure we continue to be a great place to work for our employees by continuously investing in our people by continuously leveraging the culture that Agnico has built we have increased the engagement levels of our teams. And Macassa is a really great example of how powerful this combination can be. Since 2022, we have significantly increased production at Macassa, and at the same time, we've significantly improved safety performance. They say that a safe mine is not -- is a productive mine. In our experience, it's also a highly engaged mine.

因此，我們應對短期和長期勞動力需求的策略是多層次的，當然，首先是確保我們繼續成為員工的好工作場所，透過不斷投資於我們的員工，透過不斷利用Agnico建立的文化，我們提高了團隊的敬業度。而 Macassa 就是一個很好的例子，展現了這個組合的強大威力。自 2022 年以來，我們在 Macassa 的產量大幅提高，同時，安全性能也大幅提升。他們說，安全的礦井不就是高產量的礦井。根據我們的經驗，這也是一個參與度很高的礦場。

In addition to that, we're investing in local workforce training. This quarter, we said the underground School of Mines for Macassa. Our plan is to, over a period of time, train local candidates to meet the increased demand for Macassa, for Upper Beaver, for Detour underground. While we remain focused on hiring First Nations and local employees, we're also seeing success in filling roles through our immigration program for skills that are generally hard to recruit for in Canada. I'm very proud of the team because even at these gold prices, like Ammar was seeing their foot is still on the gas.

除此之外，我們也正在投資在地勞動力培訓。本季度，我們談到了馬卡薩的地下礦業學校。我們的計劃是，在一段時間內，培訓當地候選人，以滿足對 Macassa、Upper Beaver 和 Detour 地下鐵路日益增長的需求。雖然我們仍然專注於僱用原住民和當地員工，但我們也看到，透過我們的移民計劃，我們在填補加拿大通常難以招募的技能職位方面取得了成功。我為團隊感到非常自豪，因為即使在目前的金價水平下，正如阿瑪爾所看到的，他們仍然全力以赴。

They continue to safely and responsibly make our minds more efficient and more productive, ultimately reduce our costs.

它們繼續安全負責地提高我們的思考效率和生產力，最終降低我們的成本。

Now moving to the next slide. I'll give you a quick update on the three projects for Ontario and Mexico. As you are aware, the Detour Underground project plays a big part in the plan for the complex to be a 1 million-ounce producer annually. It's still early days, but as Ammar mentioned, this quarter, we commenced the exploration ramp and have advanced just over 250 meters laterally. We're also continuing with the infill and expansion drilling and continuing to see positive results, and we will talk about that later on in the presentation.

現在進入下一張投影片。我將簡要匯報安大略省和墨西哥的三個項目的最新進展。如您所知，地下繞道計畫在使該綜合體成為年產100萬盎司黃金的生產基地的計畫中發揮著重要作用。現在還處於早期階段，但正如阿馬爾所提到的，本季我們開始了勘探斜坡的建設，並已橫向推進了 250 多公尺。我們也在繼續進行填充和擴孔鑽探，並持續看到積極的成果，我們將在稍後的演示中談到這一點。

As for Upper Beaver, during the quarter, there's been a lot of progress made in a short period of time. We did have the pleasure of hosting our Board and our senior management team this week at Upper Beaver, but also Macassa. And they were complementary, not just about the progress, but also srong teams that we have on the ground, and I completely agree. In terms of the project with respect to the shaft head frame, the structural steel and the cladding is completed, the winches have been roped up and the service voice is ready for commissioning. So shaft sinking is still expected to commence in the fourth quarter.

至於上比佛高中，本季在短時間內取得了很大的進步。本週，我們很榮幸地在 Upper Beaver 和 Macassa 接待了我們的董事會成員和高階管理團隊。他們不僅對所取得的進展表示讚賞，還對我們在當地擁有的強大團隊表示讚賞，我完全同意。就豎井井口框架專案而言，結構鋼和覆層已經完成，絞車已經係好繩索，服務語音系統已準備好進行調試。因此，豎井開挖預計仍將於第四季開始。

And over at the portal, the excavation of the exploration ramp began at the end of July and has advanced over 250 meters. Finally, with respect to San Nicolas, we continue to engage with government and authorities and our stakeholders related to the key permits that are needed. In the meantime, we're continuing to advance the engineering of some critical infrastructures which will just help us further derisk and build confidence in the execution strategy. So all in all, good progress being made on the projects. And I just wanted to end by thanking our operations team and the project team for another solid quarter.

在入口處，勘探坡道的挖掘工作於 7 月底開始，目前已推進超過 250 公尺。最後，關於聖尼古拉斯，我們將繼續與政府、相關部門以及我們的利害關係人就所需的關鍵許可證進行溝通。同時，我們正在繼續推進一些關鍵基礎設施的工程建設，這將有助於我們進一步降低風險，並增強對執行策略的信心。總的來說，這些專案進展順利。最後，我要感謝我們的營運團隊和專案團隊，感謝他們又一個季度出色的工作。

And so with that, I'll turn it over to Guy.

那麼，接下來就交給蓋伊了。

Thank you, Natasha, and good morning, everyone. First of all, I would like to start by taking a moment to thank the team at all sites for another excellent quarter, both safety and productivity and cost control went extremely well with in excess of 120 drill rig in action. We've completed north of 370,000 meters of drilling in the quarter, now exceeding 1 million-meter year-to-date. That is ahead of our schedule by about 9%. And year-to-date in terms of meter and our unit costs are approximately 8% below budget year-to-date as a result of our strong involvement at controlling costs.

謝謝你，娜塔莎，大家早安。首先，我要藉此機會感謝所有站點的團隊，感謝他們又一個季度的出色表現，安全、生產力和成本控制都做得非常好，超過 120 台鑽機同時運轉。本季我們已完成超過 37 萬公尺的鑽探，今年迄今的鑽探總量已超過 100 萬公尺。這比我們原計劃提前了約 9%。由於我們大力控製成本，今年迄今為止，按計量和單位成本計算，我們的成本比預算低了約 8%。

our Journey Excellence program continues to deliver. We're improving safety by introducing more mechanized feature such as robotic arm technology, reduce weightlifting and repetitive motion and we are ramping up our unattended drilling capacity that allow for drilling between shift, which is very beneficial for our underground mining sites. . Ending towards year-end, we continue to focus on key value drivers, expanding a little bit the drill program on several sites, such as Marban, Detour Underground, Hope Bay and Canadian Malartic, Odyssey where we have good exploration results, but continue to believe the trail to support studies that will support studies to deliver on our vision of growth for these assets.

我們的「卓越之旅」計劃持續取得成效。我們正在透過引入更多機械化功能（例如機器人手臂技術）來提高安全性，減少舉重和重複性動作，並且我們正在提高無人值守鑽孔能力，以便在輪班之間進行鑽孔，這對我們的地下礦場非常有利。。接近年底，我們繼續專注於關鍵價值驅動因素，略微擴大了幾個地點的鑽探計劃，例如 Marban、Detour Underground、Hope Bay 和 Canadian Malartic、Odyssey，我們在這些地點已經取得了良好的勘探成果，但我們仍然相信，這些研究將有助於實現我們對這些資產增長的願景。

From a results standpoint, I would like to comment on a few projects, starting on slide 15 with Canadian Malartic. We currently have 29 drill rig in action at Malartic, both underground and on surface at Odyssey in the extension of the deposit around the mine, including the recently acquired Marban project. And once again, this quarter has seen some very exciting results in the upper eastern portion of East Gouldie results that 4.8 g/t over 25 meters at 800-meter depth in the area, we anticipate can get to million -- reserve by year-end that could provide additional flexibility to accelerate ramp-up of production in the upper portion of the East Gouldie deposit. Then also in the lower extension of East Gouldie result of 2.3 g/t over 30-meter 2,000 meters the low surface, which is also kind of aligned with our decision to extend the depth of the first shaft down to 1,870 meters and the deposit remains open at depth and laterally.

從結果的角度來看，我想評論幾個項目，首先從第 15 張幻燈片中的加拿大馬拉爾病項目開始。目前我們在 Malartic 礦區有 29 台鑽機正在作業，包括地下鑽機和 Odyssey 礦區地面鑽機，用於擴大礦區周圍的礦床，其中包括最近收購的 Marban 項目。本季度，東古爾迪礦區上部東部再次取得了一些非常令人興奮的成果，在 800 公尺深處 25 公尺厚的礦層中發現了 4.8 克/噸的礦石，我們預計到年底儲量可達到數百萬美元，這將為加快東古爾迪礦區上部產量的提升提供更大的靈活性。此外，在東古爾迪礦的下部延伸段，30米厚的礦層中也發現了2.3克/噸的礦石，厚度為2000米，這與我們將第一口豎井的深度延伸至1870米的決定也基本一致，而且該礦床在深處和橫向上仍然開放。

And on the adjacent Marban project, we've so far completed 96 drill on the property for 30 in excess of 30,000 meters since the acquisition -- since the drilling started in May following the acquisition mostly to test the eastern extension of the deposit on ground that belonged to Agnico prior to the consolidation. And the results have the potential to increase the ultimate design with result of to 3.3 g/t over 11 meter, 4.6 g/t over 10 meter, approximately 2,200 meter east of the current open pit being considered.

在鄰近的馬爾班項目上，自收購以來，我們已經在該礦區完成了 96 次鑽探，其中 30 次鑽探超過 30,000 米——自 5 月份收購後開始鑽探以來，主要是為了測試合併前屬於 Agnico 的土地上礦床的東部延伸部分。結果有可能將最終設計結果提高到 3.3 克/噸（11 公尺），4.6 克/噸（10 公尺），位於目前考慮的露天礦場以東約 2200 公尺處。

Now on slide 16, at Detour, as mentioned by Natasha, the exploration ramp is now progressing well with just over 250 -- almost 260 meters developed in the quarter, reaching a depth of 43-meter bubble surface, 62-kilometer of drilling were safely completed in the quarter with 9 drill rate and continue to infill and extend the deposits from surface in areas that are targeted for the underground mine project, both below the saddle portion of the deposit with result up to 3 g/ts over 40 meters, 2.7 g/t over 55 meters. And to the west of the pit, where the planned exploration ramp would result pretty significant of to 7.4 g/t over 27 meters. The result so far should lead to growth in the underground mineral resources system at (inaudible). And based on these results, we've added an additional 55,000 meter of drilling in the fourth quarter and expecting to achieve almost 220,000 meters by the end of the year.

現在，在第 16 張幻燈片中，正如 Natasha 所提到的，在 Detour，勘探斜坡道目前進展順利，本季度已開發超過 250 米，接近 260 米，氣泡麵深度達到 43 米，本季度已安全完成 62 公里的鑽探，鑽探速度為 9 公里/小時，並繼續從地表到地下礦山3 克/噸，在 55 公尺範圍內達到 2.7 克/噸。在礦坑西側，計劃中的勘探斜坡將帶來相當大的收益，在 27 公尺範圍內達到 7.4 克/噸。目前為止的成果應該會促進地下礦產資源系統的發展。（聽不清楚）根據這些結果，我們在第四季度增加了 55,000 公尺的鑽探量，預計到年底將達到近 220,000 公尺。

Now on slide 17, I discussed as discussed by Dominique Again, some very good results in origin. We have six rigs in operation. We've completed in excess of 100,000 meters year to date, expecting to achieve north of 120,000 meters by year-end. And we continue to see very strong results in Patch 7 area. First of all, in the solid extension of Patch with a result of 26.7 g/t over 10 meter, 10.7 g/t over 3.8 meter at shallow depth 350-meter below surface, showing that the deposit remains in to the south on the right-hand side of that graph.

現在在第 17 張幻燈片中，我討論了 Dominique Again 討論的一些非常好的原始結果。我們有六台鑽孔機正在運作。今年迄今，我們已經完成了超過 10 萬公尺的工程量，預計到年底將達到 12 萬公尺以上。我們在 Patch 7 區域持續看到非常強勁的成效。首先，在 Patch 的固體延伸部分，10 公尺厚的礦層中品位為 26.7 克/噸，在 350 公尺以下的淺層中品位為 10.7 克/噸，3.8 公尺厚的礦層中品位為 10.7 克/噸，這表明礦床仍位於該右側圖表的南部。

And two, (inaudible) and Patch 7 with very strong results, up to 12.7 g/t over 9.3 meter and 16.9 g/t over 4.6 meter both at around 880-meter depth in the strong new discovery at Patch 7 that shows that the deposit remains open at depth and laterally.

還有兩個（聽不清楚）和 Patch 7，結果非常強勁，在 880 公尺左右的深度，分別有 12.7 克/噸（9.3 公尺）和 16.9 克/噸（4.6 公尺）的礦段，這表明 Patch 7 的重大新發現表明該礦床在深度和橫向上仍然開放。

So we anticipate that all of the good results we've seen at (inaudible) this year, where we have a very positive impact on the mineral resources at year-end and as mentioned by Dominic, all of that be integrated and our potential project development scenario to be communicated in 2026.

因此，我們預計今年在（聽不清楚）取得的所有良好成果，包括年底對礦產資源的非常積極的影響，正如多米尼克所提到的，所有這些都將被整合，我們潛在的項目開發方案將在 2026 年公佈。

Then on slide 16, I would like to add a bit more color around Meadowbank. And as you are aware, we're looking in a current gold price environment to look at opportunity to continue to operate Meadowbank. So we've been since 2024 validating some option for pit pushback in the IVR area, but also continue to derisk the underground extension of the deposit that is known to be still open at depth. And all of those good results that we are displaying will be integrated in our scenario analysis to evaluate the pushbacks from underground only with mill operation at a lower throughput once the open pit are fully depleted.

然後在第 16 張幻燈片中，我想為 Meadowbank 添加一些色彩。如您所知，在當前的黃金價格環境下，我們正在考慮繼續運營 Meadowbank 的機會。因此，自 2024 年以來，我們一直在驗證 IVR 區域礦坑回推的一些方案，同時也持續降低已知在深處仍開放的礦床地下延伸的風險。我們所展示的所有這些良好結果都將納入我們的情境分析中，以評估露天礦場完全枯竭後，僅採用地下開採、選礦廠以較低吞吐量運作所帶來的阻力。

Finally, at slide 19, at Fosterville, not mentioned in our press release because it came out right after the cutoff of our press release today, we're pleased to announce that we've reached an agreement with these two resources to acquire their 39,000 hectares exploration license that surrounds our mining leads at Fosterville. This will consolidate in total more than 250,000 hectares stretching over more than 100 kilometers along the great at Fosterville to allow the continuation of the full investigation of those structure without any property boundary constraint and the transaction obviously is subject to the Victorian government approval and the closing is expected to close within about two months.

最後，在第 19 張幻燈片中，關於福斯特維爾，由於它在我們今天的新聞稿截止時間之後才發布，因此沒有在我們的新聞稿中提及，我們很高興地宣布，我們已經與這兩家資源公司達成協議，收購了它們在福斯特維爾的礦區周圍 39,000 公頃的勘探許可證。這將整合福斯特維爾沿著大河綿延 100 多公里、總面積超過 25 萬公頃的土地，以便在不受任何產權邊界限制的情況下繼續對這些地質構造進行全面調查。該交易顯然需要維多利亞州政府的批准，預計將在大約兩個月內完成。

So on that, I will return the microphone to Ammar for some closing remarks.

那麼，接下來我將把麥克風交還給阿瑪爾，請他作一些總結發言。

Thank you, Guy. As you can see, we continue to work hard for all our stakeholders, and we'll continue to build off the same foundational strategic pillars that have served us well over the past 68 years. We will focus on the best mining jurisdictions based on geologic potential and political stability. We will be disciplined with our owners' money, making investment decisions based on technical and regional knowledge creating value through the drill bit and through smart, disciplined acquisitions when it makes sense. We are uniquely well positioned with a quality project pipeline leveraging existing assets in the best regions in the world where we believe we have a strong competitive advantage.

謝謝你，蓋伊。正如您所看到的，我們將繼續努力為所有利害關係人服務，並將繼續以過去 68 年來一直行之有效的相同策略支柱為基礎。我們將根據地質潛力和政治穩定性，重點關注最佳的礦業管轄區。我們將嚴格管理所有者的資金，根據技術和區域知識做出投資決策，透過鑽探和在適當的時候進行明智、有紀律的收購來創造價值。我們擁有獨特的優勢，在世界最佳地區擁有大量優質專案儲備，並充分利用現有資產，我們相信我們在這些地區擁有強大的競爭優勢。

And we will continue to be focused on creating value on a per share basis and on being leaders in our industry in returning capital to shareholders as evidenced by over 42 years of consecutive dividend payments and increasing share buybacks.

我們將繼續專注於創造每股價值，並成為行業內向股東返還資本的領導者，這已透過連續 42 年多的分紅和不斷增加的股票回購得到證明。

And finally, before we open up for questions, I'd like to comment briefly on the current -- gold environment, both the gold price and the sector more broadly, including our recent investment in Perpetua. On the gold price, of course, nobody has a crystal ball and nobody can predict near term, but it is very common that when a market moves up quickly, there is often a measured retracement in a period of consolidation before the next leg up. I think that is where we are on the gold price. Long term, we remain very constructive on gold and as all the factors that have pushed gold to outperform over the last 25 years remain in place and in many cases, have become more prevalent.

最後，在正式開始提問之前，我想先簡單評論一下當前的黃金市場環境，包括金價和整個產業，以及我們最近對 Perpetua 的投資。當然，對於黃金價格，沒有人能預知未來，也沒有人能預測短期走勢，但市場快速上漲後，通常會在下一輪上漲之前出現一段有節奏的回調和盤整期。我認為這就是目前黃金價格的走勢。從長遠來看，我們仍然非常看好黃金，因為過去 25 年來推動黃金表現優異的所有因素依然存在，而且在許多情況下變得更加普遍。

On the M&A front, while we do have the best organic growth in our history, while we continue to have great success in our exploration programs, and while we feel absolutely no pressure to do anything, of course, we will continue to look at opportunities to create more value for our owners through smart and disciplined opportunities on the M&A side. Our owners want us to look at these opportunities our owners expect us to look at these opportunities, it is frankly part of our job. Our investment in Perpetua is a good example of this. Perpetua is one of the largest, highest grade undeveloped open pit gold mines in the United States and to paraphrase one of our senior exploration people. It is the most exciting US-based gold exploration project she has seen in many, many years.

在併購方面，雖然我們擁有歷史上最好的內生成長，勘探項目也持續取得巨大成功，而且我們完全沒有感到任何壓力，當然，我們將繼續尋找機會，透過明智而有紀律的併購機會，為我們的所有者創造更多價值。我們的老闆希望我們專注於這些機會，坦白說，這是我們工作的一部分。我們對 Perpetua 的投資就是一個很好的例子。佩佩圖阿是美國最大、品位最高的未開發露天金礦之一，用我們資深勘探人員的話來說就是如此。這是她多年來見過的最令人興奮的美國黃金勘探計畫。

Perpetua is also an investment in gold. Yes, there are valuable byproducts that will reduce cash costs but that's a good thing. This is what we do. We focus on geologic potential in safe jurisdictions, and we try to get in early to gain a knowledge advantage.

Perpetua 也是一種黃金投資。是的，會產生一些有價值的副產品，可以降低現金成本，但這是一件好事。這就是我們所做的。我們專注於安全地區的地質潛力，並努力儘早進入市場以獲得知識優勢。

Thank you again for joining us on this call. Operator, may I ask now that we open up the call for questions.

再次感謝您參加本次電話會議。接線員，現在開始接受提問，請問一下。

(Operator Instructions) Fahad Tariq, Jefferies.

（操作說明）Fahad Tariq，傑富瑞集團。

Ammar, can you talk a little bit about the noncore investments in critical minerals? It sounds like it's a new subsidiary. I'm just trying to understand what type of investments will be vended in or spun out in there? It sounds like it would be things like Canada Nickel and maybe some other equity investments. And what is the future strategy of that subsidiary.

阿瑪爾，你能談談在關鍵礦產領域的非核心投資嗎？聽起來像是一家新成立的子公司。我只是想了解那裡會出售或分拆哪些類型的投資？聽起來像是加拿大鎳業之類的公司，或許還有一些其他的股權投資。那麼，該子公司的未來策略是什麼？

Would it invest in like make equity investments or actual project development?

它會進行股權投資還是實際的專案開發？

Fahad, thank you for that question. You're absolutely right. For example, Canada Nickel will be in that subsidiary. I think as most of you know, there's been a lot of interest globally on critical metals. We are a gold company, but we're also, in my opinion, the best miners in the regions we operate, and we're the largest by far a mining company in Canada.

法哈德，謝謝你的提問。你說得完全正確。例如，加拿大鎳業公司將隸屬於該子公司。我想你們大多數人都知道，全球對關鍵金屬非常感興趣。我們是一家黃金公司，但依我之見，我們也是我們所在地區最好的礦業公司，我們是加拿大迄今為止規模最大的礦業公司。

We get asked about critical metal all the time. We want to remain a gold company. And so what we've -- the approach we've taken, which is consistent with being disciplined and consistent with our philosophy on capital allocation, which is that it should be based on knowledge.

我們經常被問到關鍵金屬的問題。我們希望繼續保持黃金公司的定位。因此，我們採取的方法，與嚴謹的作風以及我們對資本配置的理念相一致，即資本配置應該基於知識。

For the last three years, we've had a small team, as again, most of you know, looking at opportunities on the critical metals side. With everything that we've got going on with the great pipeline we've got with our continued focus on gold, we felt now was the time to let that small group of people have a little bit more independence and look at opportunities on their own. So we've contributed small investments that are non-gold, noncopper into that subsidiary. We've given a little bit of seed capital. And frankly, Fahad, it's their job to look at opportunities.

過去三年，我們一直有一個小型團隊，正如你們大多數人所知，一直在尋找關鍵金屬領域的機會。鑑於我們目前擁有強大的專案儲備，並且我們持續專注於黃金，我們覺得現在是時候讓這小部分人擁有更多自主權，讓他們自己去尋找機會了。因此，我們向該子公司投入了一些非黃金、非銅的小額投資。我們提供了一些啟動資金。坦白說，法哈德，尋找機會是他們的工作。

We are not obliged to invest more money. We'll be supportive, but we'll also have a first shot at looking at what they're doing.

我們沒有義務追加投資。我們會給予支持，但我們也會優先了解他們的做法。

Got it. And then may be switching gears, can you talk a little bit about how just government relations are going with the new federal government in Canada. Have you noticed changes in terms of the level of access to the government dialogue? And any opportunities in particular for Nunavut infrastructure?

知道了。接下來，或許我們可以換個話題，能否談談加拿大新聯邦政府的政府關係進展如何？您是否注意到在參與政府對話的管道方面發生了變化？努納武特地區的基礎建設有哪些特別的機會？

That's again an excellent question. We have been very pleased with the new government. I'll give you an example. We really didn't get a lot of attention from the previous government. The weekend after the election and I got a text from Tim Hodgson, I've never met Tim Hodgson.

這又是一個很好的問題。我們對新政府非常滿意。我給你舉個例子。我們真的沒有得到上一屆政府的太多關注。選舉後的那個週末，我收到了蒂姆·霍奇森​​發來的短信，但我從未見過蒂姆·霍奇森​​。

He went out of his way to find out who I was, and I guess who other and I know he's talked to a lot of other mining executives and so you've got to give a government credit when the minister in the very first weekend reaches out to people on their cell phone via text. We know the teams there well. We've probably had more discussion with the new government on the importance of mining and the opportunity of mining to contribute to Canada than we had with the previous government over several years. So we're very pleased. They are very smart.

他特意找出了我的身份，我想他也找出了其他人的身份。我知道他已經和許多其他礦業高層談過了，所以當部長在第一個週末就透過手機簡訊聯繫民眾時，你必須讚揚政府。我們對那裡的球隊很了解。我們與新政府就採礦業的重要性以及採礦業對加拿大的貢獻機會進行的討論，可能比我們與上一屆政府過去幾年進行的討論還要多。我們非常高興。他們非常聰明。

They're very engaged, and they really are interested in leveraging off of what mining, for example, can do for the average Canadian.

他們非常積極參與，並且對利用採礦業等行業能為普通加拿大人帶來的好處非常感興趣。

Anita Soni, CIBC World Markets.

Anita Soni，CIBC World Markets。

Ammar and team. First question is with respect to Hope Bay. What are you expecting to deliver by year-end in terms of a resource update? And then what are you targeting for the 2027 study.

阿瑪爾和他的團隊。第一個問題是關於希望灣的。就資源更新而言，您預計在年底前完成哪些工作？那麼，你們2027年的研究目標是什麼呢？

I could start maybe with the study, and I will let Guy for the resource. On the study, we're expecting in the first half of next year to deliver PEA study with the engineering at over 30%. And again, as we did that mediating to really have a good view on the scale and on the cost. We like to give the information when we have enough of that engineering done. I'm very happy to see the progress with the team and midyear -- before midyear next year, we're going to give you more detail on all those KPIs Anita.

我或許可以先從研究入手，至於資源方面，我會讓蓋伊來提供。關於這項研究，我們預計明年上半年將完成 PEA 研究，工程進度將超過 30%。再次強調，我們透過調解來真正了解規模和成本。我們喜歡在完成足夠的工程工作後才公佈這些資訊。我很高興看到團隊的進展，並且在年中之前——明年年中之前，我們將向你提供所有這些關鍵績效指標的更多細節，Anita。

And that, I will pass it Guy.

那我就把它轉交給蓋伊了。

Yes. So as a follow-up, so for year-end, I would say reserve will remain as last year. We're going to be updating indicated and inferred resources, obviously, integrating all of the new reasons we've been getting expanding Patch 7 driven. And along with what Dominic described our study in 2026 with the new development scenario, (inaudible) So our desire would be to update with a brand-new PFS supported reserve and resources filing by the end of 2026.

是的。所以作為後續，對於年末，我想說儲備金將與去年持平。顯然，我們將更新指示和推斷的資源，整合所有我們從 Patch 7 中得到的最新原因。加上 Dominic 對我們 2026 年新發展方案的研究描述，（聽不清楚）因此，我們希望在 2026 年底前更新一份全新的 PFS 支援的儲量和資源申報文件。

Okay. And then just a question with respect to cost. I know you talked about tariffs a little bit, and it seemed like it was the standard customary cautionary language. But is there any -- is there any other -- I guess, I'm just trying to get an idea of what inflation -- what kind of inflation expectations you're seeing going into next year? Is it the typical 3% to 5%?

好的。最後還有一個關於成本的問題。我知道你剛才談到了關稅問題，聽起來像是標準的例行警告措辭。但是還有其他的嗎？我只是想了解一下您對明年通膨的預期情況。是通常的3%到5%嗎？

Or -- and you obviously talked about optimizations where you're trying to defray some of those 3% to 5%. You've done an excellent job to see maintaining costs within the original range despite a more than $1,000 gold price move. But what can we -- what should we be thinking about going into 2026 and other moving parts like changes in grade and things like that?

或者——顯然你談到了優化，試圖減少那 3% 到 5% 的費用。儘管金價波動超過 1000 美元，但你們仍能將成本控制在原定範圍內，做得非常出色。但是，展望 2026 年以及其他變化因素（例如等級變化等），我們應該考慮些什麼呢？

Yes. Anita, it's Jamie here. We're obviously working through the budgeting process now. I think 3% to 5% is where we've seen labor inflation over the past several years, but across all of our costs, it's been closer to 6% to 7%. And if you go back over the last three years, the average cost inflation we've seen has been 6% to 7%.

是的。安妮塔，我是傑米。我們現在顯然正在進行預算編制工作。我認為過去幾年勞動成本通膨率在 3% 到 5% 之間，但就我們所有成本而言，通膨率接近 6% 到 7%。回顧過去三年，我們看到的平均成本通膨率為 6% 至 7%。

Our guidance has been up on average by about 3%. So we've been able to do a bit better than the rate of inflation over the last few years. Going into 2026, I think we're seeing a similar level of inflation in around 6% to 7%. And across all of our various cost components, and obviously, we're seeing the pressure on royalty costs as a result of the higher gold price. So we would expect costs will be higher next year just based on the impact of higher gold prices.

我們的業績預期平均上調了約 3%。所以，過去幾年我們的收益率略好於通膨率。展望 2026 年，我認為我們會看到類似的通貨膨脹水平，大約在 6% 到 7% 之間。在我們所有的各種成本組成中，顯然，由於金價上漲，特許權使用費成本都面臨壓力。因此，僅基於金價上漲的影響，我們預計明年的成本就會更高。

But as we've talked about through the call today, we're always looking at opportunities to do better than inflation.

但正如我們今天在電話會議中所討論的那樣，我們一直在尋找超越通貨膨脹的機會。

John Tumazos, John Tumazos Very Independent Research.

John Tumazos，John Tumazos 非常獨立的研究。

Thank you very much. Could you review the rigs operating across the company? I think I heard the 29 rigs at Malartic and the meters were being increased 55,000 to 220,000 for the year. Could you give us that review across the portfolio, please?

非常感謝。您能否審查一下公司各地正在運作的鑽井平台？我好像聽說馬拉克島的 29 個鑽井平台，今年的計量表讀數增加了 55,000 到 220,000。請您對整個產品組合進行評估好嗎？

John, I'm going to -- thank you for the question, John. I'm going to ask Guy to comment on that.

約翰，我要－－謝謝你的提問，約翰。我會請蓋伊對此發表評論。

Yes. So basically, the 120 rigs as reported or spread over operating mine, advanced projects. I can go through maybe with you off-line if you want to see, but basically, we have those 29 rigs, the 220,000-meter an additional 55,000 meters, you're referring to pertaining to Detour, where we have those nine rig operating. So we haven't seen say, quarter-over-quarter, we have the exact same number of rigs. We've just seen an increase in productivity, and we're trying wherever we've been getting some good results, especially in the pipeline to keep drilling at the same pace during the fourth quarter.

是的。所以基本上，據報道，這 120 台鑽機分佈在正在運營的礦山和先進項目中。如果你想看的話，我可以私下跟你詳細講解一下，但基本上，我們有 29 台鑽機，22 萬米，還有 5.5 萬米，你指的是 Detour 項目，那裡有 9 台鑽機正在作業。所以，我們還沒看到，比如說，季度環比來看，鑽井平台的數量並沒有完全相同。我們已經看到生產效率有所提高，我們正在努力在取得一些良好成果的地方，尤其是在管道方面，在第四季度保持相同的鑽井速度。

Therefore, we're expecting that we will be in a position to go all the way to around 1.25 million, 1.3 million meters by year-end without spending much more because of the lower unit cost we've been getting with those productivity improvements such as the unattended drilling. Basically, what it means on a day to day is when the driller -- with the new rig that we are currently revamping on each of the sites with collaboration with our entrepreneurs, you're basically adding the function that when the guy lifts the rig at the end of the shift for the blasting and -- if you can just press the button, the drill, continue to drill their in beating shift. So if you look at it, if you can build 3 more meters at the end of the shift, 3 more meter at the end for an underground mine, it is quite significant. So those are the things that with the same fleet of rig, we can get more done. And we're going to continue to drill at the same pace because we have some good results.

因此，我們預計到年底，我們將能夠達到 125 萬米到 130 萬米左右的產量，而無需花費太多，因為透過無人值守鑽井等生產力提升措施，我們降低了單位成本。基本上，這意味著在日常工作中，當鑽井工人——我們目前正在與企業家合作，對每個工地的新鑽機進行改造——你基本上增加了這樣一個功能：當工人在輪班結束時抬起鑽機進行爆破作業時——如果你可以按下按鈕，鑽機就可以繼續在爆破輪班期間進行鑽孔作業。所以你看，如果能在輪班結束時多建 3 米，在地下礦井結束時多建 3 米，那意義就相當重大了。所以，利用同樣的鑽井平台，我們可以完成更多的事情。我們將繼續以同樣的速度進行鑽探，因為我們已經取得了一些不錯的成果。

And overall, we are expecting our global exploration budget for the company, $525 million, including an exploration project to be about right on that $525 million for the year based on our forecast we've just done.

總的來說，根據我們剛剛做出的預測，我們預計該公司今年的全球勘探預算（包括勘探項目）將達到 5.25 億美元左右。

Could you just run through several sites where the most rigs are running, I don't remember how many rigs were at each site.

可以簡單介紹一下鑽井平台最多的幾個站點嗎？我不記得每個站點有多少鑽井平台了。

Yes. Well, maybe I can provide you with those detail offline, but we have those 29 in Malartic, we have 9 at Detour. We have 12 in Macassa. We have 6 at Hope Bay so maybe I can provide you with the detailed list of the spread of our rig offline, John.

是的。或許我可以私下提供這些細節，但我們在 Malartic 有 29 個，在 Detour 有 9 個。我們在馬卡薩有12個。我們在霍普灣有 6 個鑽井平台，約翰，也許我可以私下給你我們鑽井平台分佈的詳細清單。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，加拿大豐業銀行。

I just wanted to talk to you about the reserve and resource replacement this year, year-end 2025. I think if I go through the -- what you mentioned we're going to see increase in reserves at East Gouldie. That was really the only mine the only cause that I heard and then resource growth at Detour and Hope Bay. Is that correct?

我只是想和你談談今年的儲備和資源更新，也就是到 2025 年底的情況。我認為，如果我按照你提到的方法去做，我們將會看到東古爾迪的儲量增加。那是我聽到的唯一一個礦場，也是唯一的起因，然後是繞道而行和希望灣的資源增長。是這樣嗎？

Yes, yes, I can take it. So we will also -- we are in a good position to fully replace what we mine at Catella, at Macassa and several of our sites see some partial replacement. We will also have Marban that will get into the mix siding the first iteration of Marban. So net bottom line, we're expecting to see a net growth, net of mining depletion by year-end by maybe, I don't know, my guess we should be up by 0.25 or 0.5 million ounces year-over-year despite the fact that we've mined we've extracted 3.8 and will reduce 3.45 this year. So all in all, the drilling has fully replaced what we've mined out light growth year over year.

是的，是的，我可以接受。因此，我們也將——我們有能力完全取代我們在卡特拉和馬卡薩開採的礦產，我們的一些礦場也將實現部分替代。我們還將有 Marban 加入進來，與 Marban 的第一版並肩作戰。所以總而言之，我們預計到年底淨產量將有所增長，扣除採礦損耗後，也許，我不知道，我的猜測是，儘管我們今年已經開採了 380 萬盎司，並將減少 345 萬盎司，但我們仍然應該比去年增長 25 萬盎司或 50 萬盎司。總而言之，鑽探活動已經完全取代了我們每年開採的輕質增長物。

Okay. And should I be thinking as you have done historically that you take your reserve and resource pricing and you look at inflation and adjust accordingly. So I know your reserves are at about 1,450 our resources at 1,750. If I put that 5%, 6% or thereabout inflation, I guess, 1,550 and 1,850, respectively. Should I be thinking that's how you're going to approach your pricing for your reserves and resources at year-end?

好的。我是否應該像您過去一樣，根據儲備和資源定價，考慮通貨膨脹並進行相應調整？我知道你們的儲量約為 1,450，而我們的資源為 1,750。如果以 5%、6% 左右的通貨膨脹率計算，我估計分別為 1550 和 1850。我是否可以認為這就是你們在年底對儲量和資源進行定價的方法？

Well, that's a very good question. Obviously, with the current gold price environment, we are at that question, and we're working on it. But our care remains to deliver the margin ounces upfront. Therefore, we don't want to lower the cutoff grade that will change our mining sequence in the upcoming couple of years. So we are looking at it on a mine-by-mine basis, if there is some excess milling capacity.

嗯，這是一個很好的問題。顯然，在當前的黃金價格環境下，我們面臨這個問題，我們正在努力解決這個問題。但我們仍需確保按時交付利潤盎司。因此，我們不希望降低礦石的最低品位，因為這將改變我們未來幾年的採礦順序。所以，我們正在逐一進行評估，看看是否有過剩的選礦能力。

If we can mine some so we're going to be having that in mind, Flexing maybe our gold price assumption on some projects, whether it's a life of mine extension scenario or where there is additional milling capacity. But our firm intention remains to keep the cut-off rate stable while as you described, offsetting inflation, moving the gold price up in line with that inflation we see overall on the market.

如果我們能開採一些金礦，我們會考慮到這一點，可能會靈活調整一些專案的黃金價格假設，無論是延長礦山壽命還是增加選礦能力。但我們堅定的意圖仍然是保持截斷利率穩定，同時正如你所描述的那樣，抵消通貨膨脹的影響，使黃金價格隨著我們在市場上看到的整體通貨膨脹而上漲。

So then it's really what you talk about is real actual replacement of ounces rather than any movement in gold price for what you're seeing for year-end?

所以，你真正想說的是黃金盎司的實際替換，而不是年底黃金價格的任何波動？

Yes.

是的。

Yes. Okay. Perfect. Maybe over to you, Ammar, if I could, about just the strategy on the overall portfolio, both from an investment equity standpoint. And then also on your portfolio, your asset overall assets.

是的。好的。完美的。阿瑪爾，如果可以的話，我想請你談談整體投資組合的策略，包括投資權益的問題。此外，也要考慮您的投資組合，也就是您的整體資產。

So some really -- there are some smaller ones that you have in there as well. So I'm just interested in how you're approaching this -- let's start with the equity portfolio. Should I be thinking your investing in Perpetua is 1 investment. But should I be thinking that whatever sales or sales you make from that investment portfolio, it just gets reinvested into other equities rather than being thought about this gain as allocated to shareholder returns. Should I be thinking about it in that way?

所以裡面確實有一些——也有一些較小的。所以我很想知道你是如何看待這個問題的——我們先從股票投資組合開始吧。我應該認為你投資Perpetua是一筆投資嗎？但是，我是否應該認為，無論你從該投資組合中獲得多少收益，這些收益都會被再投資到其他股票中，而不是被視為分配給股東的回報？我該這樣想嗎？

Thank you, Tanya, for the question. No, the money belongs to our owners. We make strategic investments in things that we have looked at and think might have an opportunity to create value for our owners. We don't do it as a trading position. We do it really again, in line with our philosophy on being disciplined with capital.

謝謝你的提問，塔妮亞。不，這筆錢是屬於我們的老闆。我們會對我們考察過並認為可能為所有者創造價值的項目進行策略性投資。我們不將其作為交易策略。我們再次這樣做，這符合我們對資本進行紀律約束的理念。

It's an opportunity to make an early investment to learn about a project that we might be interested in. And so if you take a look at something like Orla and there's a long history there. We -- eventually, Orla did a fantastic job. They didn't really need us anymore. There was a lot of money tied up.

這是一個提前投資、了解我們可能感興趣的項目的機會。所以，如果你看看像奧拉這樣的地方，你會發現它有著悠久的歷史。我們——最終，奧拉做得非常出色。他們其實不再需要我們了。有很多資金被套牢了。

We took up -- we liquidated that position, but that does not go into a pool that goes back into equity. That is our owners money, and that money everything competes for that money. Investments into our mines, technology, everything has to have a business case. So we do not simply take that gain and allocate it to future equity investments. It's our owner's money, and it gets treated like the rest of our owners' money.

我們已經清算了該頭寸，但這筆錢不會進入重新投入股權的資金池。那是我們老闆的錢，所有東西都在爭奪這筆錢。對礦場、技術等方面的投資，一切都必須有商業理由。因此，我們不會簡單地將這部分收益分配給未來的股權投資。這是老闆的錢，我們會像對待老闆的其他錢一樣對待它。

Okay. So it just goes part of your cash flow and then gets allocated accordingly.

好的。所以它會成為你現金流的一部分，然後按相應比例分配。

Correct.

正確的。

Okay. And then in the portfolio itself, as you hire gold prices, everyone is looking at their portfolio and some you have a lot of big assets that you're focusing on coming up these 5 assets that you talk about. Anything that you see as anything within the portfolio for noncore .

好的。然後，在投資組合本身中，隨著黃金價格的波動，每個人都在關注自己的投資組合，有些人有很多大型資產，他們專注於你提到的 5 種資產。您認為投資組合中任何非核心資產都屬於此類。。

Yes. I mean there -- I just looked at it this morning, John and I talk about this all the time. You're right, Tanya. There are some things that transition well, and we continue to be interested in. And as you would expect and as in the history of our company, there are some projects that while we invest in early we end up concluding don't make the criteria for our owners, and we will be disposing of them.

是的。我的意思是──我今天早上剛看過，我和約翰常常談論這件事。你說得對，塔妮亞。有些事物能夠很好地過渡，我們也一直對此感興趣。正如你所預料的，也正如我們公司歷史上發生的那樣，有些項目雖然我們早期進行了投資，但最終我們得出結論，這些項目不符合我們所有者的標準，我們將處置它們。

And frankly, again, you're right at these current gold prices, it's not a bad time to in some cases, sell those assets.

坦白說，你說的沒錯，以目前的金價來看，在某些情況下，現在確實是出售這些資產的好時機。

Yes. So when we're talking about assets, we're talking about assets, not investments?

是的。所以，當我們談論資產時，我們指的是資產，而不是投資？

Correct. Well, no, no. In this case, I'm talking about the equity investments.

正確的。不，不。我這裡指的是股權投資。

Equity investment. How about just overall within the portfolio, just some smaller within the portfolio, anything in Mexico. You've got some smaller stuff with that --

股權投資。整體投資組合如何？或者投資組合中的一些較小項目如何？墨西哥的任何項目如何？你還有一些小東西也用得上。--

Yes. I mean, the -- you asked about Mexico. There are some things that are now pretty small and nonstrategic. We always look at opportunities to get the most value from any asset, whether that means we operate it or we sell it. I can assure you we do that with all of our assets, including ones that are small.

是的。我的意思是，你問的是墨西哥。有些事情現在看來規模很小，也不具戰略意義。我們總是尋找機會，從任何資產中獲得最大價值，無論是我們自己經營還是出售。我可以向你保證，我們對所有資產都這樣做，包括那些規模較小的資產。

And so if there are some that you might wonder, well, why haven't you sold them, the simple answer is you can assume that we've looked at all the different opportunities and have concluded on the ones that will make the most money for our shareholders, even if it's a small asset.

因此，如果您想知道為什麼還沒有出售某些資產，簡單的答案是，您可以假設我們已經考察了所有不同的機會，並最終選擇了那些能夠為股東帶來最大收益的機會，即使它只是一項小資產。

There are no further questions at this time. I will now turn the call back over to Mr. Ammar Al-Joundi. Please continue.

目前沒有其他問題了。現在我將把電話轉回給阿馬爾·阿爾-瓊迪先生。請繼續。

Well, thank you, everyone, once again for joining us this morning. More importantly, thank you for being our friends and supporters over many decades in many cases, everybody, one day early, have a nice weekend.

好的，再次感謝各位今天早上收看我們的節目。更重要的是，感謝大家在過去幾十年裡，在許多情況下，一直是我們的朋友和支持者。提早一天，祝大家週末愉快！

Thank you. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。